The 20-year-old was sent off in the 63rd minute of Saturday’s 3-0 win against Stevenage, after an on-pitch altercation which resulted in 21 players becoming involved.
Stevenage defender Kevin Toner was also sent off for his involvement in the incident.
An Independent Regulatory Commission heard the case today (Tuesday 31st October) and upheld the officials’ decision.
Olomola will now serve the suspension with immediate effect, missing home matches with Southend United (Saturday) and Swindon Town (November 18th) as well as the trip to Carlisle United in between (November 11th).
The Glovers will also be without fellow striker Francois Zoko for the same period, after the Ivorian also received a red card on Saturday in a separate incident.